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NEW LAW TO PERMIT BIFURCATION OF STATE, FEDERAL LIHTC IN CALIFORNIA

Tuesday, October 7, 2008 - 7:30AM

California Gov. Arnold Schwarzenegger on September 27 signed into law S.B. 585, a measure to permit the bifurcation of state and federal low-income housing tax credits (LIHTCs). Under the new law, low-income housing projects that receive a preliminary tax credit reservation from the California Tax Credit Allocation Committee (TCAC) between January 1, 2009 and December 31, 2015 will now be able to assign the state credits among partners separate from the assignment of the federal LIHTCs, regardless of the proportionate ownership share of the respective partners. Click here to read a memo from TCAC regarding the new law.

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